Mongolia’s tugrik, the world’s worst-performing currency in August, is in its longest losing streak on record as the nation’s government seeks ways to stabilize an economy it says is in the grip of a crisis.
According to Bloomberg records, the currency weakened a 22nd day to 2,243.50 per dollar as of 5:05 p.m. yesterday, in the capital Ulaanbaatar, the lowest level since 1993.
Mongolia has suffered from falling commodities prices, an economic slowdown in China and waning interest by foreigners spooked by anti-investment laws and inconsistent policy.
Prime Minister Erdenebat Jargaltulga has rolled out an economic recovery plan that includes salary cuts, debt reduction and development of a council to attract foreign investment, according to a televised statement issued Tuesday.
“We are in a deep state ofeconomic crisis,’’ Finance Minister Choijilsuren Battogtokh said in a nationally televised address last week.
A team of International Monetary Fund representatives also arrived in Mongolia Tuesday and will begin talks with the government on resolving economic challenges, according to local television.